Toronto-based Upverter’s entire team of engineers, including its CEO and Co-Founder Zak Homuth, will join Altium. Other terms were not immediately disclosed.

Altium said all services and solutions offered by Upverter will continue to operate as usual, with no immediate changes for current customers. Altium will be working closely with Upverter in the coming months to evolve Upverter’s business model and to integrate and leverage its technologies within the Altium product portfolio.

Altium said the transaction would augment its cloud-based competencies and drive further differentiation and growth in the market for next-generation electronic CAD software.

“The acquisition of Upverter represents a significant step in the evolution of Altium’s cloud strategy to serve the needs of future electronic designers," said Altium CEO Aram Mirkazemi. "Together, Altium and Upverter will leverage the power of traditional CAD systems with the lightness and intuitive qualities that are inherent to web-based solutions to form the foundation for a unified, end-to-end cloud-based platform for the design and realization of electronic products.”

Mirkazemi added, “Combining Upverter with Altium’s recent acquisition of Octopart and Ciiva will bring the collaborative power of the cloud to assist the new generation of product designers with the discovery, design and manufacturing of electronic circuits needed in the creation of smart connected products.”

Commenting on the acquisition, Upverter co-founder and CEO Zak Homuth said, "At Upverter we're on a mission to make hardware and product design approachable for everyone; to empower engineers, makers, hobbyists and students by equipping them with world-class technology through an intuitive user experience. We believe the best design tools fade into the background, freeing engineers to be truly creative. We couldn't be more excited to join forces with Altium enabling us to make Upverter the tool of choice for the new generation of product designers. Altium will help us unlock our full potential; bringing our powerful new way of designing products to the masses."